SURREY – The new Port Mann Bridge will be a single, 10-lane
span, Premier Gordon Campbell and Transportation and Infrastructure Minister Kevin
Falcon announced today as work began on the Port Mann-Highway 1 Project with
the first pile for the bridge foundation being driven into the ground.

“The new PortMannBridge
will be a first-class, state-of-the-art connector to clear traffic congestion
on a critical transportation link across the FraserRiver,”
said Premier Campbell. “The new bridge will give truckers, transit users and
commuters a faster, more efficient trip to and from their destinations,
significantly cutting travel times and improving the movement of people, goods
and services. Construction of this new bridge will also create 8,000 jobs,
helping to keep British Columbians working.”

“Right now, congestion on the PortMannBridge is approaching 14
hours a day, and it’s harming our economy, our environment and quality of life,”
said Falcon. “The Port Mann-Highway 1 Project will help travelers see a time
savings of up to 30 per cent due to reduced congestion. This is time better
spent at their workplace or with their families.”

The capital cost of the project,
including upgrades to 37 km of Highway 1 on either side of the bridge, is
approximately $2.46 billion. The total cost, including operating and
maintenance, rehabilitation and interest, will be released when the contract is
finalized but is expected to be approximately $3.3 billion. Of that, the
Province is financing $1.15 billion in the form of a repayable loan, which is
being matched by bank financing. The proponent is putting forward their own
equity to pay for the remaining $1 billion.

The full cost of the project will
be financed through electronic tolls, which will be $3 each way for cars. The
government retains control of the rate of the tolls. The project is expected to
be complete by 2013.

The new bridge will replace the existing
45-year-old bridge and provide badly needed capacity to meet current and future
traffic demand, including a new RapidBus service that will allow commuters to
travel all the way from Langley to Burnaby SkyTrain in 23 minutes. Once the new
bridge is complete, the old bridge will be removed, saving at least $180
million in maintenance, rehabilitation and seismic upgrades that would have
been required. The Port Mann-Highway 1 Project will provide for the first bus
service across the Port Mann Bridge in over 20 years. In addition to RapidBus
service, the new bridge will be built to accommodate potential light rapid
transit at a future date, and it will expand networks for cyclists and
pedestrians.

The project also includes widening
Highway 1, upgrading interchanges, and improving access and safety from McGill Street in Vancouver to 216th Street in Langley, a distance of
approximately 37 km. One lane of highway will be added in each direction west
of the new bridge, and two lanes in each direction east of the bridge, one of
which will be an HOV lane.

On Jan. 28, 2009, the government
reached an agreement-in-principle with Connect BC Development Group for a
public-private partnership (P-3) on this project. The Connect BC Development
Group team includes the Macquarie Group, Transtoll Inc., Peter Kiewit Sons
Co. and Flatiron Constructors Canada Limited. Financial close is expected in
early March, at which time the final terms and conditions will be finalized.
The Province will provide one-third of the financing, and ConnectBC
will fund two-thirds.

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Media

contact:

Bridgitte
Anderson

Press Secretary

Office of the Premier

604 307-7177

Dave
Crebo

Communications
Director

Ministry of
Transportation and Infrastructure

250 387-7787

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